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Consumer Behavior : Overview

In this era of competition, understanding the consumer is a necessity for marketers. Consumer needs and preferences are continuously changing, given the changes in factors like demographics and lifestyles. These changes can become great business opportunities for alert marketers and threats for marketers who fail to adapt.

Consumers acquire, consume, and dispose off the products and services created by organizations. They go through several cognitive and behavioral processes while making their purchase and consumption decisions. The knowledge of how they decide on one brand instead of another and what factors influence their decision-making is crucial for marketers, not only to cater to the existing needs of their consumers but also to prepare for their future needs. This knowledge is also essential to make various business decisions related to product development, packaging, pricing, distribution, promotions, communication, etc.

Consumer Behavior helps students understand the internal variables like motivation, personality, perception, learning, and attitude, and external variables like reference groups, family, social class, and, culture, and their influence on consumer decision-making process. It also discusses the consumers' acceptance of innovation, and their purchase and post-purchase behavior. The impact of marketing communication on consumers, and the need for its regulation have also been discussed in the book.

"We can believe that we know where the world should go. But unless we're in touch with our customers, our model of the world can diverge from reality. There's no substitute for innovation, of course, but innovation is no substitute for being in touch, either".